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The Tamil Nadu government has signed Memorandum of Understanding (MoU) with 59 companies, which will lead to investments worth Rs 35,208 crore coming into the state. The deals were signed during an investors' meet at Coimbatore, which was presided over by Chief Minister M.K. <keyword id="60930" type="General" weightage="20" keywordseo="stalin" source="Orion">Stalin</keyword>. Agreements have been inked with seven companies in the fields of aerospace and defence system manufacturing, and an investment of Rs 485 crore is expected to be generated through this. Stalin said that the deals are an indication that Tamil Nadu is on the right path to become a trillion-dollar economy. He said that despite the challenges of Covid-19 and natural clamaities like rain and its related issues, it is a great moment for Tamil Nadu to attract the investments. The Chief Minister said that it was the third industrial conference in five months, which is a sign of the state government's efforts to promote industrial investment and growth. Stalin also laid the foundation for 13 projects worth Rs 13,413 crore, besides launching commercial production in 10 projects worth Rs 3928 crore. Government officials said that 92,420 people would get employment through these projects. Stalin said that the government is aiming to make the state the fintech capital of the country, as he released a fintech policy. Stalin also released a handbook on aerospace and defence systems. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

Tamil Nadu government aims to bring ₹35,000 crore into state by signing deals with 59 companies

New Delhi, Dec 4 () NoBroker.com, a brokerage free property platform, on Wednesday announced its entry into the Delhi-NCR market and aims to have presence in 20 major cities over the next three-four years. 
In October, the Bengaluru-based firm raised USD 50 million in Series D funding, led by Tiger Global Management, for business expansion. It has raised USD 121 million since its inception in 2014. 
NoBroker.com helps in buying/selling and renting of housing and commercial properties by connecting owner and property seekers without involving brokers.
"We have entered into the Delhi-NCR which is the biggest property market in the country," NoBroker.com co-founder Saurabh Garg told reporters here.
The company now has presence in six cities -- Bengaluru, Mumbai, Pune, Hyderabad, Chennai and the national capital region and aims to have presence in 20 major cities over the next three-four years.
Since its launch in New Delhi, NoBroker.com has already garnered 62,000 consumer registrations and over 27,000 listings on the platform. It has, thus far, facilitated over 1100 deals in the region.
On operational front, co-founder Amit Kumar Agarwal said the company is facilitating 20,000 transactions per month, of which 85 per cent are for rental.
Asked about revenue model, Agarwal explained that the company earns money by charging for premium service which is providing a phone relationship manager to help fast execution of transaction.
The company also generates revenue by offering value-added services like packers and movers, property loan, legal documentation, furniture rental and 'NoBroker Pay' for rent payment through credit card, he added. 
Garg said the company has already achieved break-even in Bengaluru and Mumbai. It takes 12-18 moths to break-even in any city, he added. 
The company, however, declined to disclose the revenue posted in the last fiscal. 
"The idea of zero brokerage holds a lot of appeal for the value conscious Indian consumer. Our platform aims to create a transparent real estate ecosystem by eliminating brokerage from the equation." Agarwal said. NoBroker also helps customers in suggesting the ideal location to buy or rent a property as well as the rent or capital value of the property. 
The company raised an initial round of funding from SAIF Partners of USD 3 million in 2015, followed by a Series B of USD 17 million from Japanese investor Beenext and Korean investor KTB Ventures in 2016. 
In June 2019, NoBroker raised USD 51 million from General Atlantic. MJH DRR
DRR

NoBroker expands to Delhi NCR; aims to be present in 20 major cities over next 3-4 yrs

New Delhi, Jun 18 () Real estate technology companies that are used to being overlooked from investors may see their fortunes turn after the COVID-19 pandemic, as the industry embraces proptech to improve the way property is bought, sold or rented, according to Housing.com CEO Dhruv Agarwala. Addressing a webinar organised by media company Entrepreneur on Thursday, Agarwala, who is also the CEO of PropTiger and Makaan.com, said the pace of adoption of digital technologies has accelerated after the outbreak of the coronavirus disease and the subsequent nationwide lockdown imposed on March 25. He said that going forward, there would be increased adoption of technologies across the value chain, right from designing to construction to sales and marketing, and property management. In each of these areas, there could be significant opportunities for capital infusion by both domestic and foreign investors, he added. Agarwala pointed out that proptech players have not been able to raise funds like technology players in other sectors such as e-commerce and food because of the inherent problems in the real estate sector. The sector has been reeling under the multi-year demand slowdown on account of demonetisation and disruptions caused by the goods and services tax (GST) and realty law RERA, he said. However, he said, "It's just a matter of time, when we can see significant inflows of capital in proptech". "In the next five years, we can expect a large sum of capital being infused in proptech companies," Agarwala said but refrained from giving any number. He expected the process of searching and shortlisting of properties to largely shift on digital platforms, both for renting and buying. "People will still visit one or two shortlisted properties before eventually deciding to buy," he said. On housing prices, Agarwala said the price reduction would not be across the board. He said the builders who have stressed balance sheets would like to clear their inventories by cutting rates or giving discounts. However, the real estate developers with strong balance sheets and huge cash reserves would not reduce price. Citing a survey report done by Housing.com, Agarwala said the potential homebuyers have deferred their plan to purchase properties by 0-12 months and only a small percentage (19 per cent) of respondents have put the plan on hold permanently. Singapore-based Elara Technologies, which owns the three realty platforms Housing.com, Makaan.com and PropTiger, has raised USD 175 million so far from investors. Among other players, NoBroker.com has raised over USD 150 million and Square Yards around USD 75 million. MJH HRS

Proptech firms to attract huge capital from investors post COVID-19

<ul><li>The demand for <keyword id="3248028" type="General" weightage="20" keywordseo="ready-to-move-in" source="Orion">ready-to-move-in</keyword> (RTMI) properties has increased from 78% in 2022 to 85% in 2023. </li><li>In metros areas, an increasing number of purchasers are leaning towards acquiring apartments or houses situated within <keyword id="4042409" type="General" weightage="20" keywordseo="gated-communities" source="Orion">gated communities</keyword>.</li><li>Escalating rental expenses are altering behaviours, nudging tenants towards considering <keyword id="408196" type="General" weightage="20" keywordseo="home-ownership" source="Orion">home ownership</keyword> as a viable option. </li></ul>In 2023, developers have displayed a bullish approach towards new project launches, directly responding to the rising demand for residential spaces and the swift uptake by buyers, according to NoBroker, a property search portal. During this period, <keyword id="19784935" type="General" weightage="20" keywordseo="property-values" source="Orion">property values</keyword> experienced their most significant surge in a decade, due to several factors including a scarcity in inventory, buyers' preference for home ownership, infrastructure enhancements, better connectivity, and overall economic expansion in these urban centres. A shift has occurred in the buyer demographic, with a larger proportion of first-time homebuyers entering the market. Demand for ready to move in properties on a rise According to NoBroker, the demand for RTMI properties has increased from 78% in 2022 to 85% in 2023. However, supply has not been able to keep up with this increased demand. The Covid years had seen a drop in new project launches (due to all round uncertainty), which has now led to a crunch in the available inventory. The above has resulted in a significant increase in the price of resale properties in older projects. There has been a marked increase in the speed of deal closure in gated communities, from 58 to 32 days, at prices that are 1.2 to 1.3X of prices just a year back. This jump in demand for RTMI inventory can be attributed to: people looking to move in immediately (mostly renters) and investors in a buoyant real estate market to capitalise on the wave of higher rental yields. Bangalore and Mumbai have registered maximum demand for RTMI properties for obvious reasons. Gated communities in demand, even though they come at a premium In metros areas, an increasing number of buyers are leaning towards acquiring apartments or houses situated within gated communities. These properties come at a higher price due to their ability to offer convenience and amenities that many buyers desire but are generally lacking or difficult to access within the broader social infrastructure. These sought-after features include enhanced security measures, access to a gym, sports facilities, swimming pools, and various other amenities. The premium cost is often justified by the comprehensive package of benefits and comforts these properties provide, catering directly to the preferences of discerning buyers seeking a more holistic and secure living environment. This trend has indeed become evident through the introduction of numerous integrated townships in different cities. Return to office means more want to buy within city limits Following the return to office, there's a renewed interest in purchasing properties within city limits. During the Covid years, 42% of customers leaned towards buying homes on the outskirts, a short-term shift in behaviour. However, there's been an increase in the percentage of individuals seeking properties within city limits, rising from 79% in the previous year to 85% this year, according to NoBroker data. Mumbai and Bangalore stand out as exceptions, where long-term real estate investment strategies continue to push investments towards the outskirts of the cities. These decisions are supported by strong investment rationales. In Bangalore, the growth of the urban landscape towards the Airport in Devanahalli remains a driving force. For Mumbai, customers priced out of the city are turning to suburbs. Higher <keyword id="12243727" type="General" weightage="20" keywordseo="rents" source="Orion">rents</keyword> makes it tough for tenants, make them consider home ownership India's rental landscape is proving tough for tenants, grappling with soaring rents that strain their finances, compelling them to cut back on expenses. While gated societies were traditionally preferred for their security and amenities, their steep rents are shifting demand towards more affordable independent houses and floors. Notably, there's a rising interest in areas slightly distant from office hubs but reachable by metro. This shift is driven by both convenience and a strategic response to sky-high rents. However, regions not neighbouring office complexes or IT hubs haven't experienced a drastic rental surge. The escalating rental expenses are altering behaviours, nudging tenants towards considering home ownership as a viable option. The desire to secure property has accelerated amidst these challenging rental market conditions, shortening the time span between decision-making and action-taking.

Ready-to-move-in properties witness demand uptick in 2023

<ul><li>VC investments in India softened in the first quarter of 2023 but expected to pick up in the latter half of 2023 says a KPMG report. </li><li>This quarter, VC investors were inclined to make smaller investments in startups with more reliable valuations. </li><li>In Q1 2023, VC investment in Asia declined significantly, dropping from $25.5 billion in Q4 2022 to just $13.5 billion.</li></ul>VC investment in India has softened in the January-March quarter of 2023 as investors were picky and scrutinized potential deals more intensely, says a Venture Pulse report by KPMG. VC investments went down to $2.1 billion in the quarter, down by 77% as compared to the same quarter last year when VCs poured in $9.1 billion into the market. “Despite the current slowdown in VC funding, macro factors in India remained relatively strong compared to other jurisdictions, which is driving optimism that the country will see a bounce back in VC investment in the later half of 2023,” said the report. The FOMO effect VC investments in Q1 of 2023 hit a 11-quarter low, as VC investments were at $2.1 billion last in the second quarter of 2020 – right when the lockdowns had started. Soon after however came a boom time. KPMG says that Fear of Missing Out or FOMO drove a lot of VC investment in India in 2021 and early 2022. However, without the FOMO effect is now gone and VCs enhanced their focus on startup performance and profitability. “The biggest change in India is that the euphoria for deals has died down. The FOMO has gone. The big ticket deals have also dried up, which has had an outsized impact on our total investment numbers,” says Nitish Poddar, partner and national leader, PE KPMG in India. Fintech was still a major area of investment, with large deals such as PhonePe, NoBroker, KreditBee, and Insurance Dekho. Agtech and gaming also saw increased interest. However, edtech interest declined in Q1 2023 after a period of high enthusiasm. “But despite the visible decline, it’s important to know that a lot is still happening in India. The macros here are still very good. We’re still seeing a lot of funding in pre-series A deals. And we’re still seeing a lot of new micro funds being raised in the country — funds under $100 million with check sizes from $1–5 million,” says Poddar. VC investments in Asia decline, Down rounds go up In Q1 2023, VC investment in Asia declined significantly, dropping from $25.5 billion in Q4 2022 to just $13.5 billion. This was the lowest quarter for VC investment in the region since Q2 2015, with several factors contributing to the decline. In China, a surge in Covid-19 cases impacted VC activity prior to the New Year holidays. Hong Kong was affected by rising interest rates and a slowdown in IPO activity, while India experienced investors becoming more selective with their investments. Japan was the only country in the region to see an increase in investment during Q1 2023, but the total was still far lower than Q1 2022. The data also shows that down rounds (when the pre-money valuation of a fundraising round is lower than the post-money valuation of the round previous) has gone up significantly in 2023 as compared to the last year, the report reveals. In Q1 2023, the global VC investment trend showed a decline in each quarter following its peak of over $200 billion in Q1 2022. By Q1 2023, the total VC investment worldwide had dropped significantly, falling well below $60 billion. The uncertain global market, which is impacted by factors such as rising interest rates, domestic and geopolitical challenges, economic concerns, and the war in Ukraine, meant that no region was immune to the changing market conditions. This resulted in investors becoming increasingly cautious and risk-averse, leading to a reduction in VC investment activity.

FOMO out, scrutiny in: VC investments fall 77% in Q1 2023 says KPMG

<ul><li>Tarsons Products announced its share allotment status on Tuesday.</li><li>The grey market premium of the Indian labware company Tarsons Products is ₹160.</li><li>The IPO of the company was subscribed 77.49 times on the last day of bidding.</li></ul>The allotment status of Indian labware company Tarsons Products was announced on Tuesday and by now the investors, who unfortunately did not get the shares, should start getting their refunds. If you have not checked whether you received the initial public offering (IPO) allotment or not, <a href="https://www.businessinsider.in/stock-market/news/tarsons-products-ipo-heres-how-to-check-your-allotment-status/articleshow/87857321.cms">click here </a>and follow the procedure. All the investors who got the allotment will receive the shares in their demat account on the date of listing, which in this case is November 26. Usually every applicant gets a message on their registered phone number, highlighting whether the funds are blocked or unblocked. Blocked funds indicate that the shares have been transferred to the investor, whereas the unblocked fund means that the cash has been transferred back to the investor’s bank account. Investors receive a validity period while making the payments for the shares. The IPO amount is usually refunded one day later the IPO allotment or before the end of the validity period. <div type="image" title="If you missed Tarson Products’ IPO allotment, here’s what you should know" msid="87870784" hostid="261"></div> Tarsons Products opened its IPO on November 15 to November 17, at a price band of ₹635-₹662 per share. The IPO received subscriptions for 77.49 times the number of shares offered in the three days of IPO bidding process. The grey market premium of the company’s shares show a premium of ₹160 on November 23. The company has raised over ₹1,024 crore through the IPO of a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of 1.32 crore equity shares that will be sold by promoters and an investor. Tarsons Products is engaged in designing, developing, manufacturing and supplying a diverse range of quality labware products used in laboratories across research organisations, academic institutes, pharmaceutical firms, diagnostics companies and hospitals. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

If you missed Tarson Products’ IPO allotment, here’s what you should know

Equity benchmark <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> plummeted over 1,500 points in opening trade on Monday dragged by selloff in index-heavyweights HDFC twins, ICICI Bank, TCS and Infosys amid negative cues from global markets. The 30-share index was trading 1,513.68 points or 4.49 per cent lower at 32,203.94, and the NSE Nifty plunged 425.70 points, or 4.32 per cent, to 9,434.20. ICICI Bank was the top laggard in the Sensex pack, sinking over 8 per cent, followed by IndusInd Bank, Tata Steel, Bajaj Finance, Tech Mahindra, HDFC and HDFC Bank. Shares of Reliance Industries fell over 1 per cent after the oil-to-telecom conglomerate on Thursday posted its biggest ever drop in quarterly net profit. Its net profit in January-March slipped 37 per cent to Rs 6,546 crore, the lowest in three years. <div type="Article" hostid="261" msid="75526873" title="Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake" mstype="2" mssubtype="0"></div> Meanwhile, earlier in the day, Silver Lake - one of the world's largest tech investors - agreed to invest Rs 5,655.75 crore to buy a 1.15 per cent stake in Jio Platforms. Sun Pharma was the sole gainer in the BSE index. In the previous session, the BSE barometer settled 997.46 points or 3.05 per cent higher at 33,717.62, while the Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90. Market remained closed on Friday for 'Maharashtra Day'. Foreign portfolio investors were net buyers in the capital market on Thursday, as they purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data. The government on Friday extended the nationwide lockdown till May 17. According to analysts, the market has realised that the cascading effect of the restrictions on the domestic economy and corporate earnings is much more than anticipated. Besides, selloff in other Asian equities too spooked investors, traders said. Bourses in Hong Kong and Seoul were trading significantly lower, while those in Shanghai and Tokyo were closed for a holiday. International oil benchmark Brent crude futures were trading flat at USD 26.41 per barrel. Meanwhile, global tally of coronavirus infections was over 35 lakh, with around 2.47 lakh deaths. The death toll due to COVID-19 in India rose to 1,373 and the number of cases climbed to 42,533 in the country, according to the health ministry. See also: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-new-deals-full-list/articleshow/75526386.cms">All the new deals signed by Tech Mahindra in the last three months</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-stake-sale-to-silver-lake-boosts-ril-share-valuation/articleshow/75526873.cms">Reliance Jio’s valuation jumps more than half a billion dollars in just 12 days, thanks to Silver Lake</a> <a href="https://www.businessinsider.in/business/startups/news/from-bigbasket-to-swiggy-to-nobroker-top-ten-indian-startups-that-raised-money-in-april-amidst-the-coronavirus-crisis/articleshow/75526547.cms">From BigBasket to Swiggy to Nobroker⁠— top ten Indian startups that raised money in April amidst the coronavirus crisis</a>

Between US-China bickering and earnings bummer from RIL and HUL, Sensex has lost over 4% in first hour of trading

New Delhi, Jun 12 () COVID-19 pandemic has accelerated the adoption of digital tools in Indian real estate, and the process of search as well as shortlisting of properties will largely shift to online platforms, according to industry experts. Participating in a webinar, Arvind Subramanian, MD and CEO designate of Mahindra Lifespaces, said the technology would play an important role in the real estate sector, not only in sales and marketing but in construction and design as well. He described residential property as a 30-years consumer product and said it should not be treated as any other financial products. The webinar was organised by BW Businessworld and WHub. Dhruv Agarwala, the CEO of Housing Proptiger and Makaan.com, said there has been tremendous acceleration in digital adoption since the lockdown, which was imposed on march 25 to curb coronavirus spread. He mentioned that the total traffic at its three platforms fell 40 per cent during the first week of the lockdown compared with the pre-COVID level. However, Agarwala said, the traffic has now bounced back and is 20 per cent more than pre-COVID level. Although traffic on its sites has come back, he said, buyers will be cautious due to salary cuts, lay-offs and economic downturn, but investors are looking to purchase because of attractive prices and payment plans. Square Yards CEO Tanuj Shori said his company has been able to sell 3,000 properties during this period, thanks to fast adoption of digital tools like virtual walk through and payment gateways by developers as well as customers. He said the coronavirus pandemic has accelerated the speed of adoption of digital although there will be some element. NoBroker co-founder Amit Agarwal said around 2,000 properties have been transacted on its websites during this period. The process of search, shortlisting and walk-throughs of properties have shifted to online. He highlighted that even the rental deals are taking place without physical visits. MyGate founder Vijay Kumar said the technology will play a big role in making real estate market more efficient. SAI Estate Consultants MD Amit Bhagwan Wadhwani, however, said that human interference will be required to complete the real estate transactions, although digital tools are being helpful in lead generations. Awfis founder and CEO Amit Ramani said the technology is enabling coworking operators in providing services more efficiently. Agarwala of Housing.com said that the PropTech companies have not been able to attract huge investment in the last ten years but the scenario could change in the next decade. "We are just seeing the emergence of PropTech in India," he added. MJH BAL

COVID-19 quickens adoption of digital tools in real estate: Experts

Irked over truckload of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case (Reliance Industries acquisition deal with Future Retail), the Supreme Court Tuesday asked whether the purpose was just to drag on or harass the judges and sought a common small compilation of documents. A bench comprising Chief Justice N V Ramana and Justice A S Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8. I am sorry to say to all of you. What is the fun in filing 22-23 volumes of records. How many documents both sides have filed repeatedly and is it the purpose of just dragging on or otherwise to harass the judges, said the CJI. It is completely unnecessary, senior advocate Harish Salve, appearing for the Future group, said and suggested that both sides can discuss and file a common document along with short written notes. There is a problem in locating the volume, the bench said, adding Give us some time. Do one thing. Can you make a small compilation of these documents which you are relying upon. Truckload of volume has been filed yesterday . Meanwhile, the bench allowed the IDBI trusteeship, which had moved the apex court seeking to de-freeze Future Retail shares pledged to it, withdrew its plea and said that it will go to the Delhi High Court with its plea. The pledged shares have been attached at the orders of the high court, senior advocate N K Kaul said, adding that since the apex court had barred the high court from proceeding with the case, the IDBI trusteeship has failed to access its shares. On November 11, the top court judge Justice Hima Kohli had offered to recuse herself from hearing the pleas, saying she and her family members have shares in Reliance Industries Ltd group firms, one of the interested parties to the litigation. We have no objection, said a battery of lawyers appearing for parties Amazon, Future Retail Limited (FRL) and Future Coupons Private Ltd (FCPL). The top court was hearing a fresh petition of Future Group against the Delhi High Court's recent order declining its plea for stay on an arbitration tribunal decision refusing to interfere with the Singapore International Arbitration Centre's (SIAC) Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The bench was also hearing a counter plea by Amazon, seeking to restrain the regulators from approving the merger deal. It said the last order was passed with the consent of the parties that the regulatory authorities will not approve the merger deal without prior nod from the top court. The dispute over the merger deal has seen several rounds of litigation after SIAC passed the EA in favour of the US firm on October 25, 2020 staying the merger. On October 21 this year, a duly-constituted panel of arbitrators at SIAC reiterated the decision of the EA. Then on October 29, the Delhi High Court declined Future Group's plea for stay on the arbitration tribunal order refusing to interfere with the EA which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. The high court sought response from Amazon which had challenged the merger before the SIAC, and listed the appeals by FCPL and FRL for further hearing on January 4, 2022. FRL and FCPL moved the top court recently against the order with fresh pleas. Kishore Biyani and 15 others including FRL and FCPL have been embroiled in a series of litigations with Amazon, an investor in FCPL, over the deal with Reliance. Following the EA, subsequently, a three-member arbitral tribunal was constituted to decide the issues arising from the deal. On September 9, the apex court had stayed for four weeks all proceedings before the high court in relation to the implementation of the EA and also directed statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) not to pass any final order related to the merger deal in the meantime. Subsequently, the arbitration tribunal under the SIAC rejected on October 21 the FRL plea to lift the interim stay granted by its EA on October 25 last year, observing that "the Award was correctly granted". Amazon had dragged Future Group to arbitration at SIAC in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance. The FRL and FCPL had moved the top court against the high court order of August 17 which said that it would implement the earlier order by its single-judge restraining FRL from going ahead with the deal in pursuance of the EA's award. The high court had said that in the absence of a stay, it would have to enforce the order passed by its single judge, Justice J R Midha, on March 18. On March 18, besides restraining FRL from going ahead with its deal with Reliance Retail, the court had imposed costs of Rs 20 lakh on the Future Group and others associated with it and ordered attachment of their properties. On August 6, the Supreme Court gave the verdict in favour of Amazon and held that EA award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under Indian arbitration laws. The apex court had also set aside the two orders of February 8 and March 22 of the division bench of the Delhi High Court order which had lifted the single-judge's orders staying the FRL-RRL merger. A bench headed by Justice R F Nariman, since retired, had dealt with the larger question and held that an award of an EA of a foreign country is enforceable under the Indian Arbitration and Conciliation Act. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/jio-is-slowing-down-in-the-race-to-500-million-subscribers/articleshow/87862415.cms" data-type="tilCustomLink">Jio is slowing down in the race to 500 million subscribers – a goal set by none other than Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/startups/news/nobroker-is-the-38th-indian-startup-to-be-valued-over-a-1-billion-in-2021/articleshow/87867289.cms" data-type="tilCustomLink">NoBroker is the 38th Indian startup to be valued over a billion dollars this year</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-hikes-tariffs-by-up-to-500-for-its-popular-plans/articleshow/87864183.cms" data-type="tilCustomLink">Vodafone Idea hikes tariffs by up to ₹500 for its popular plans</a>

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Tamil Nadu government aims to bring ₹35,000 crore into state by signing deals with 59 companies

IANS

NoBroker expands to Delhi NCR; aims to be present in 20 major cities over next 3-4 yrs

PTI

Proptech firms to attract huge capital from investors post COVID-19

PTI

Ready-to-move-in properties witness demand uptick in 2023

Anagh Pal

FOMO out, scrutiny in: VC investments fall 77% in Q1 2023 says KPMG

Anagh Pal

If you missed Tarson Products’ IPO allotment, here’s what you should know

Kritti Bhalla

Between US-China bickering and earnings bummer from RIL and HUL, Sensex has lost over 4% in first hour of trading

PTI

COVID-19 quickens adoption of digital tools in real estate: Experts

PTI

Amazon vs Future — 'Why file voluminous records, to drag the case or harass judges?' asks Supreme Court

PTI

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